On September 14, 2018 EST, Qutoutiao Inc. (“Qutoutiao”, NASDAQ: QTT) made its debut on the NASDAQ. Qutoutiao priced its IPO of 12 million American depositary shares (ADSs) (excluding the green-shoe option) at US$7 per ADS to raise approximately US$84 million. As the first US listed mobile content aggregator in China, Qutoutiao took only 27 months to be listed from its establishment, setting the record as the rapidest Chinese internet enterprise to go public.
Qutoutiao APP officially went online in June 2016, featuring “light reading” and focusing its content on entertainment and life. By integrating vast funny and valuable information and in reliance on its strong intelligent data analysis systems, Qutoutiao provides targeted content distribution services for the audience in the lower-end market.
As the PRC counsel to the issuer in this project, King & Wood Mallesons (KWM) was deeply engaged throughout the project, including PRC legal due diligence, drafting and revisions of the risk factors, regulations and other relevant sections of the prospectus, responses to the comments of the US Securities and Exchange Commission and other important legal issues. KWM completed all necessary work and tasks in an efficient and quality manner, facilitating the smooth completion of the project and receiving high recognition from the client.
The project was led by partner Andrew Fu.